Do you know what things a home inspector looks for when they visit a property? Home inspectors will investigate every nook and cranny from the foundation to the roof to find anything that might affect the property’s value. Here are the main things that they will check:
Roof. Inspectors look for leaks, damaged or missing shingles, and moss growth. They also look for any problems with the flashing, gutters, vents, attic ventilation, and skylights, if your home has them. Make sure everything is watertight to avoid any major issues.
Structure. The foundation of the home should be solid and be able to stand the test of time. The inspector will usually check for cracks in the foundation or water damage to the siding or supports.
Utilities. The HVAC, filtration, plumbing, and electrical systems will all be thoroughly inspected to make sure they are all working properly and have no safety compromises. If they’re damaged or faulty, you should find out how much it costs to repair or replace them.
Depending on the age of the home, this can be a scary report, but take note of these areas and keep them in working order because the results of the inspection can influence your final price.
In the current real estate market, where demand is high and inventory is low, buyers are facing unique challenges. Despite reports of a declining market, offers are still being made. However, some buyers are hesitant to take on the potential financial risk associated with unforeseen repairs after purchasing a home.
“Home inspectors will investigate every nook and cranny of your home.”
In a competitive market, buyers may face the dilemma of balancing the need for a home inspection with the risk of losing out on a desirable property. To address this dilemma, a practical approach is to set a limit on the home inspection contingency. For example, if the inspection reveals three or four issues requiring an estimated total of $8,200 to rectify, the contingency limit could be set at $5,000.
By implementing a limit, buyers can streamline the negotiation process and focus on significant repairs. If the total repair cost falls below the established limit (e.g., $5,000), the buyer would refrain from requesting repairs or amendments. This approach ensures that minor issues, such as a broken outlet cover, do not become points of contention. Moreover, it offers peace of mind to both parties by eliminating the possibility of unexpected and costly repairs, such as a $50,000 foundation fix.
While the example used above is $5,000, I must note that the specific limit can be customized to fit individual preferences and circumstances. Some buyers may opt for a lower limit, such as $1,000, to demonstrate their intention not to nitpick on minor repairs. Ultimately, the goal is to strike a balance that respects the buyer’s concerns while assuring the seller that reasonable requests will be considered.
If you have any questions, don’t hesitate to reach out to me by phone call or email. I would love to help you and hope to hear from you soon.